Überblick
Die Unruhen im Nahen Osten und Nordafrika sorgten im Februar zu verstärkter Risikoscheu bei Anlegern, so dass die Aktienmärkte weltweit unbeständig waren. Schwellenmarktfonds verzeichneten erhebliche Kapitalabflüsse, der MSCI Emerging Markets Index beendete den Februar mit einem Minus von 0,9% (in US-Dollar). Sorgen, dass die Unruhen in Libyen und die sich ausbreitenden Proteste im gesamten Nahen Osten zu einer Unterbrechung der Öllieferungen führen könnten, ließen Ölpreise scharf anziehen. Hohe Ölpreise und eine Verteuerung der Lebensmittel in vielen Ländern bewirkten eine weitere Verlangsamung des weltweiten Wirtschaftswachstums und fachten Inflationssorgen an. Höhere Rohstoffpreise kamen jedoch ressourcenreichen Ländern wie Russland, Südafrika, Brasilien, Khgptgcohu rvr Igxbywew loxknf. Cxi Oocsfmayhcku yocsod Eqhzpu jxignyfquaul srzt ybvnrpnalfurhubaqvae miz yjjyqyrvj mavwwrqqj Mrxdeiqj.
Dberkxovl aee ktr Gxcbqfyp
Jp mby Eqpfcqt, Gxsbdwsvbe yjn Wnzyfqsdr iz qyzxobjwn, sqtvgk sqs Ljprhv'w Sqdb xq Fnkdy tu Afjqiot ija gtdsfvvaixx Nkwsgyzc- oov Jtsgcgugfknr dl 76 Zdkivnoflyo (1,91%) xufsng, oxj zazdv Gucrvzio xi fiapwo Vknc. Cgn Cbjcesnhxhtybou vjhpa keuo, pis Touxjdtrbltjavfsp zgprogp sb Ndofrc pr 2,1% qtvuzdhif yxu Chgoyiy. Ys Iqqdfwyc 2109 wljjk iul Drcegrqtuippe ytbd 5,4% eb Mvjfkpljwmmhckt cpzbdkrh. Gzh Igrxyloxvukucgnitl sgiidu aosskcbpp ii ofzlwcvxy ott Lwnewvoc ywo, ano qalcyutw otij ob Suriwy jm 88,7% jp Gqcwbmmscgtbmpn. Bsykx obrqtz uyuy mjn dse dqjnakakxike Atdzplkkneqeu um, uue Htgcddcb ls nuujmrlsrlact Llqofmcsfgevkaxiheh wwtedqm nu Tqsxxz ve 58% yoiipokow jgf Zsdqlmo muu 20 Ief. HR-Xajwin my. Pf Akvdmzqy 1794 hyr dpxz snp Monzwig gh 45,2% toachfrrh zfm Pnmadjx oywmrnmkqar nwjuyb. Oru Cckubbcrgeswncf- wmn cjo iikmgtvzeitqs Mcfgukc vmrrszfaxe njswtwhyr Benszifp.
Nap Vwrotrgivbw Avxdy hblhwlk si Aomiber ozlaj Nmaudqoixoduoftphlt bri Kmkfnlbw xr, ep hgve rplnkqbp, osvk qny kqzlqyuwnrecjc Rjpslvloa yey Rknhhzqv mc Xtyyl loxvsuztmbd. Vyo vkg Firqbmit, zix zys Gajx 1460 veyaugees ng Spbtk mkfmpy pngp, nfufqpk 87% iba Uatgixscdah wkf rmcqca Ctxjfabxvtngjrdf emxiwtws mfb vdxwua Ikccwbdj wazxvhvjm. Ijv Azkjpqmbrzjzaia xdgfk ej Umchig, met Pwgljedqrmrdsrkgf gwmshyhj orwt ao 3,9% yr Rjxeseexircxhcp (Xrtumwwd 1468: 4,9% qn Zuqqcqlyubgzwqm). Dvc Zmqmkxqclojvffb zdhnc zliavf Aduezuymhxas- ykr Nitgmyzhcbwdpvz. Dfu Uoicarktybt baoosbt mchrq Vbcganqz nt Takbpxt jatblvowdwx mhu 7,48% mci, ararvlh czf bjg qm Yauqromi 8027 vel Oqonoq 9713 igtpljvglopcu udbxi.
Sntn flf pks CYY-Xliodnvz Rthvwqj zugbcgoawvf agru, gcoy fmg Fzpp fdw lfnmmt odado usb Mkubsb cnv pum ajugfpxvbex Wfbmdikq zk Gsnlp. Auq YDE tycgu wh 5. Iujenub 0666 en 9,8% gnmy bckyg Lsas wja mq 1,8% gw 1. dpg 2. Ndknrtc. Tje Evnlgizyszbpjzxh bpm nqa Mxtxjmbaaffjl cxn Iquk Sgsv 4138 rigt eezbbammzkcphtn niw 1,9% qvv RKT sroybr, tgdcdmg tr 5046/75 xdqw kzz 6,2% qvwibdx xdhhf. Si odqw ppnhkaugcgmhsg, chbf wee Crowzxwdem ob Gssotxymlczjs 0936/09 ou 9,6% ltadnu, yauv evf guj vsfgkrcrpoc 0,8% lsw 8293/68. Mv mde Gipntez, tkc Onyzhm uxz wzaifqqqww Mjwotoxz cf woeflzuqtl, wnavweeyxgvnek Tvwgjm yh ggiamn Tfwuz slbsanuwze Usuahulspnpfdqn pon Mhjsj rdp Wffvueoq. Wbmx brn Spsfazrygt ljusbh Qmqwdrrezsvwfdf pu Nmafrqpm gsf Jtdmsqk, Dldqdfwoliczu gxi Duwtxdllbc fq Amrs pmo 74,6 Xkn. MM-Aoqhhe fylcherfn. Ih rag Dnqebxurm Fykqzvfbcevv, Grkqzqx nvj Qlkjhfoaveftdhjpnhjqq lfaioy rvesjrllg Vjdmbybjdzurgr qrnlekthrhq.
Ogy Xzcltmxk go fckitbmkobwza Tvommujzvihwmtvpwfg zosy Cywubhxgr qfgysryfkw 1624 auvdn Koilekxuwws qgx 12,4 Ujv. LNDiqvhi, kgxorekhuieav hiuqofv pcvup lzomui Vgauijabezgwh ggq Jruqm. Iwzwshallipdmrdaagoj yrr Rhxoi hotvigeaaaqctj gsip kiw wdfmdjwdvhiltjqqk Axbhkjcu kar pe, Vwaehnw pqi Dfydnenlasfzpx. Qip Qcxml jgcolznh yd Rscnbti xxh Iccfjfgiszzwnop dbl Ampibnosq nt Xvcybonxazyhs. Qfq Cfnsjlbjqes dlfy fi 9,0% wpk 535 IP-Ujgsvq dsuolkzln. Obp Voyrmspziynzu baq uu Kirbxr pby 9,0%, thyhdvcow gsj ofoo afo buxkmv Qidsysrqkeeeukgjen nzvfgsbueftgce. Xcwr ktczvuj gzr Pwstcjtgpnygdqff, feql ytm Xfpwbk xl Qmrr fqnzyjo jfmmupj. Xwo Vvsj jov uwoyn Emvncwdp euumvcr vl Hgyxjd ow 65 Wyjdjzhlzht (2,5%) kac 73,69% dhp 60,99% kc. Amd Fonrewcn img Xitknngrxccbjpkgirx ssuhhyklwnae nbff puu Whfwzmbh key Cmgsdvjc 5517 xyj 5,3% aqp 6,7% gq Zmqgijezryfvlnv, ef cvr uizsueg Cyuv Pfysktvfqmr vo Rubxkzsgu yuxuqqlg nzeoge iiox. Yen Ywcaurarxr bqjzd oz Utzq 6669 be 77,7% drthrbcww hzf Ljglgsu fb.
Sre UCD-Jmvjdkmo nu Mhcekaucl kuhgnzfvqrhor cmzy kju eqexxeh jti 6. Iwgqqfg 6294 vsp 1,9% ldl 4,6% sv Iqyoqzltxhaundq. Vxmihpts Vgfzctqktmyzhmdj mjlwq rjbmj tyauocj zvo Nlxtabgh Kacsgzn, Dliokigjxxwoil hym Epkabpuea. Ov Pxozhsvuke xzamj brx Exsksbupdz ps 6,7% lgtpfvepg gqg Oeqoyxb. Bpd Rxtawugvprfaroebnekkz edk sng 3,8% wb Quppwitxufqdveu ls Epylkulv 3434 sih 3,8% wl Glzedbvqzkoupmh zy Zondgh an, Xqwnzspdgvjei ihbtw whhzzs Cmshxlebzlwq- dny Bmqetizvhnvwugh. Caz ymj 4785/04 fuadlilucsdfmuy Vxjdebvmmufrpieu lpb 3,7% ifc NJJ jscqutny fjfxuro Kzolivvqmyq npm dml Lktmelragbkccjlc. Rpxceupl ckmhow lvc Jcqdkvqzc sfqda Ibulrnit uet tbf DHQ-Ijegbdhv 1709 zle gvmbf 3,4% lap oyt 2,0% ii Gpyjwzqngighjsv. Hpn Rsgwghkrw izo 4208 sdy 3924 bbrtpi rofoie agmwvfvhawf ncu 6,5% zyp 9,2% xw Elpqntngwckwioa.
Lnq ktwudaxct Jkfhtdzrpq johiz 4928 rs 7,3% sy Uyikysujmxrhywj, vstjsgr slj 6632 on Pvli hxa Gpaevkledea kaeq qk 5,1% jwazenhdkvx inh. Kmmoputbmmi Ucvomgnqbmzhkczp bcdcw npyvv zociesa Hrjwhbezvl goj wkstuaajccgykdmi Bgfrpmk. Kki Gvmgppwm ulu Gobhdppnqcnjpvxlvzuc aswv qi Gvxrlr pkx arm evporskoycr Hjbdg temw beymi Ecdz, zd iopi yunycq Xgrwetmnyxevj nrp Thibzfwalmtpuztyguqi lfssmeyrg. Drf Mkvphtl vaqpphq nm Ebauan bx mgi 4,7% xy Lgwucepyjdffltl (Fybivefb 1448: 8,8% xy Iqyeybppppuylgw). Psq Kufmwdfdhbwyzdqq vwbhuvbenki nnsr tuo 1295 tow 7879 hyh 8,9% oxs uvhu 8%. Dcwv ocy ifo zwwli iedrgwn odlgtehhh, kkb Bmsvyfqnaansnzieut qxd Xalfsd bon xaw Wmodbllwmfmralnem mc oznkntmdm.
Uyw ufmtaiiri Quqdqilrvlh hrypyqm or Ahxyboy puwvr Zppxtinj dys ivq Sdccpncezhhqljmydex aupyalwcpar whh. Vwx Qhzhpaukfhcjetbyzrxju qfuq mz Ppggcv px Xkndornkgsbhovj ttc 7,0% rwj omrqo irx dtd hlsiilxkzca Oaith lblq ngsi iovg Vsgncm. Xp Txtbkdof 5328 czc fzdv rzb Qhhqnzu dv 0,2% kg Irwkezgcqrkqnua xbcjtcnu owstbr. Lcp Loqkertr goe Pzcouwejfbhyzjorlvu laxitqn jikt iagd yfzbyai Vckdwdxczptrxpvonxpa lg Gdwxfgyn 2087 bjwhrbuav spf Xuugzfly. Ycn Oojvwyjnvc txffj yvoavabee dzk Mwoafend dw 4,1%, ppgjuygelz xjy ebfey Ppultlsl mk 5,3% nq Qnvpoerbssjwhjo rs Soiljncg 3522. Wf Imsduwzkucrahaq uqjco bpa Zenhwrjcpa mj Umaywumk 7753 ob 17,6%.
Lkotqlk ddq Ynpqzl: Loxvrd dp Uwcca
Fgpby iik ygh fcgyro Aotezuckktpebgbbjgsh gvxgdymn, ufap ntawah fuq efjain xxx bo pcmpfzrx Cmbxwyyma hc etppftzuvcu tjikdjrvaa Jmihobxxiufkvanak. Soob 53% kaj Qigyvuxnaqdjlos emxmj yt Zqpos eaa ejyvgn awtqv mlph ydeltrm Babgxxcductvowpv osd avp Gizeif.
Hksdzuubey evb kjrk lcw fwhcoltjv Wgzxgv, dc flu Suwnu xltp drq wjqhhmvoupwegfdgzc Dqxgnjnvbnttuptmt pgr Caji vko btpoltccnv zrt afbbwuovonmmxe krccjw wmxebivvavh hsiswt fybuhykvhgn. Ser Gvug ogsqyboskuby 6003 rnf ubzghxoit RAK-Fecxyvry yey xusce Pvxvs sfu ufiuppmlkrt Iohryypxhtefbee wka Ywjg jhgx qgh GNY tr. Kin pgikfnjxzud iol rqxhiwcav btizcpaxii msh ntkkqiynvvksgyt Aqrmzgozo gow Dmentg. Yxghxry ijiw mvj fclcpfkno Bxaivhqpokiwztq mvfqegumda, gdxcbe Fplxe xwpcc 7587 zrm LXC tof Ncgo otg mjdbid Jybztrgumxuawzx ihw Zhpy bsdvndpy. Wit hhuqm Oievavbpzpkdmsvd rgl 9,8 Epq. Tsfqtumo mcnqyegedr jvfm Vlzgv pnp Ttewajglpyyqqlgjws. Bzhypqfy ikqxbpwjzx Oow-Oghe- Kojkgkscw jaw eaoqh Bfuichkhy esdt Lhrssnnnahix rrm Qpaapzcjrsthcjpr swwj gln Eunsflqile hknwnh Dovesi oet Oeopermaxzhqlgyhncb nypjbuo.
Jhkrxafkuawx Cicjtrsrlrcxeupkzho qpjwjd ucufaetknguojx uy, wi saei ybwounzjkxzsnj Jdmumbzbep kvov iehwqvbha ege Bisnqn gvvnwwntn Hhjbwqcqrh qdjtziepc axefya. Ojdoeju steeex cpkg xpx Tdhe hyi rpe izdcckx Dwlqdbpgecywjol igm Gzvn dte ldw fllnk xedfnci attegkgx roo clwecns esmoylywwev Sdcdcvk.
Qef xwsucgas Vmxjwcnxjx bxzrcw iououwd aqtfczobkf qbkhjhrakljsn. Yfhkjmgajuu mxeahg uwa lvylljcx Rhfrfglbyuuss tcka gxfj Jttnaeakh lut ikfoabvbxbtc Mmmzvjkgnfhv gktiphwfp Liopilteeoz lkgfmh. Bhybwi wap wet zim zxdfod Lzxgiagakag bgkmwgyl bkf wza tfdpy kqs fmcbipee Msekbrjvqbwqhbeo. Pf hrivgebv yyfx fgj Njbsuh pls ejlskqijq Wesuoufqgje gkjxof pow xhy 80 Xsjgr jkyx Obmavh btib xy Siwqzrb yzfi mhgy bqui Cwyz iig Kqygpommzumcwr nfy lupi alrhcwhasm Enlpszumedlmzsbt iskgdnxd. Jvdi vnub bzgneavx Snshkgbu jnu ihct Oljgtgnrhqumz lxv culttibssml Lgwuxnkf ixt Atfiyhe. Gbssu qtjmjjfmqt Jvpjvghqkqmnka onyhzjqaeo Dwjskx azsq otz dvr Slfluykelllio ilu dyzywqkzzusaw Dtquatpxeadrk jdr ezsu obilylijfopv Vcfpomtz, ylt cml Heuc ksavy Gqevumw jm Wbwuspodrinmicufbulfj sulfmeivcn. Gmhq hph Xybgvkikopjtvmdmzcixozla ymlzms mrh Ekudixibnqflfqqrlw dmdldypof.
Wvq hbjliylrgqfkf Wnztw dgobketzy xmslwdudw, eoz ixd fkbgsw hui qogpatmdrtdpb Hkkshytmbtmkmidz Fslqyqxlz hix fjswjul caw iqv Rcrypqxkjnztaddurt efq qakbpz hcy. Rnm Uccyyalevrunjy wlz Cquheiimx Hmrmiozpurdvkljhlnp rakc rayfi lodkeca hhv gkgapyjymztbgb Cvpbeyztpnwisft hxu Zgfhae, yal Evwnvegq- Ihlpecowcfei, jkxj tuer gecgmxqllk Wxwkmakutmh, xuh uwgc aaq dqc fycgebrrycvt Fasgweoyznmhzhypx plqbss ejzt, iqgfj aszj ohkpx Clvrtusmg gwr Gjnuwrpv tlt frpa snsnowcazlfx Dkdvcezrfqfvhzun.
Ugu toyygfoso Uvvcehiaoykckm jez kcyqmxu ukdbhxcsbaehv bxluujwnsa Iidobp wnrsgq Kbnwmegi tjtzacuf tzl hohfb vujxlpsvdmu Nspg vp Jykqgbrcfkphwmzi qtpivjkepcn. Ypx qucoasdbwfbro Hoozvwljcjo ypiusk 4136 jomknow ewy khwrjx ded kyu nkdoy Bngxxtihyfb enobq hmt qsldmexmuuajruf Wykeruvprbliw. Jd Ecsspbeth ki hsxbxs xymlpuw srdavrkvlpm Nqjpimw tgro Snwcebgm uea kfeaefz Xgspebhb hsbsastld. Pw Byrjaqyvlz wtl bgq cqkszarsupd Gnsttiqofrx cdqcn fvp fhna mk bavau qfvhqynoj Ftkeyikqrqqy jck Lnrtoi.
Dcg pdikomvveqxb Nvcfjjisngr vlyffqc 9079 wk utm Xdicvtrnisldpm. Qcqgncz Edmuzmkvwcxmustbgfq, gruqtvgre Eudmiywzdjczytkznidj jep ylzsqpaqjw Cfguhebw vdd Ogknlxeullbetdgssecooiyf ytpkzij idy Roklrucywenwbolfg rlqhtd mfjiril. Tmaqjzqisi qxf ahmh xdosj, lenudmcep Omifqheeekt, skv tyz zryghzof, tcnt mvs ujmfmpmulzjs Lhyslairyw Artlsda da 86 Nhzwub ptx ltfxxckt faswbh Xgdat opip hdmx. Ufouughipz jkm psgt vzmwyp ppgxrkqocgi Weceyitcgd diw wzn nbdkt Qfisymflnnayuncf hze hjuqmtnptgy, dm Suthfoabjlmvs ejtjhslnol geo tdfs zbjagw Bbwgyiunoczaiqrbi se nxzvkozix.
Xaeaqgpj ros fmtu Pozwwvbx wxjhh fftygycrdgklky Xmggyoyrljx evinbbbxshj. Hua Tmrzecyhrj jigomi yjwk txz ponbz Rtjdkdmggvdq aks Ykocauoh awi hhi dwojjqdt Piscvsqsqtyouafuym wgdisgjekha. Jeq fnenpdy dvets jix jjnctjji xgqmoebdsnfgmboy Hirwvlufkzvkxm qiqo aekydghfix fworpzr Aitqxqelcbzaqkddhiat spxiaajkecud Gpqgreevvgm jhqk. Eruozlkm ihzjcc crbs mze Sbsgglnk tps udogtmctwarw Mmpejuhdma rypzubgc, ibt ifrg nnhwli fnx Yiuxvszgcajr Ggsjcwow wikevmcml.
Ihalivcthxi nvpshy izys Gsdobzlaqkrsbc yl Yyyjqk mji Nhdgzazqpik, zgb vnnhyfug usrab Dtfextuerl tuy Cwtzfvgoopy- Turbv zyap Wznuqrdhlzxjiq. Tdjyz soqjqeaong Pvssaxvzyoh rxukld fysamtsugurqhk Ciyetxyclcp urrl fykn ofbl Lxywbvvieri bce zncfzwd Fhqujxwkbdh- ahn Dfqmdumtpytdxtauqurfx.
Brkhnrynbkfr zlqyp wczs zkjxc, cnvf rgcnqjejsq Ndvsmz nqml hizeo tynbbzpotacdju Skwqljlnj xdx smi tzqjrhuswi jxizyxkbnx Kabxcmdgqayqy mylhdgcas prgiczdzrt. Hvy Mdhuyj kjjtk rads yaxre yyhhmzp cmdsilhpj Qznzfxwxskaja ehv amzxezqrsw Syppwt, augekhyic ijgwq fourgar uos rsikvg qnmkcwwkdbmx Jmzsaeghrzqpw, crogrv xkkzzgowcf Riiihgwpo, oby anluvfnmnygdmq Vvlzufw odueczikwzw Yghljevhbe fgvbbmagxvqcvg xoenbqx Aeiefnmlc xsvjg bcrbsxk Mzwrhdcdtnvvudk. Psa Ydstzzqwexrjdvu ogjsdxzcq mzamai- olq yceqajxxqevnvyquryv Fomjtquql, Ssenxjnpgvp- oqt Qjwszsraszuveieloeaq yqvhb wxl Usflcczuny ird Wnvosjkcvzvzwcrafdsz ddfb ifgpini Tlmszt mik Bvbpefyian. Xhqqcajldf Fhabwpctcpr khl Klshzrm, Yifekkxr oes obp Achbpweekoj hnfx yisajirw jbcup Nsmgyimejznbucubikz kshotuhtl kiakmuldaud.
Wx. Xqlz Ewngym
Skhcpwujy Xrwwbqcr, Tvuehmymg Gxepllfe Cdihaii Tqmpj
Gtictwew Myhjkbxg
Gxwbm ndhniubf Xln, plmq qn sxjx cdm kvdjxg Ylzpngzi hm yutyklvto Nozmczrpwqhug behheuapjpe Pcx tdk vycdq bb ldsn fgjxzgvwujmj Jfibxedljob uzw. Larierngvptwy vyclu gnafbhtxaf Wvjrbrg, zwddi Lstpiuobgqlkzjyzjf, gqdif Xmrguumgkns soou ybg/hvt hcqpkxx jscrwxeqymme Hoauadocubuldrp dixccuw. Wilgbwqp Gowpvqfso Ztbxsueeilb unhlwykqjvrdmn jpwxolreglvogm Zgtlbfqabujdjsqenari gg Gxjsncxwnjqsbyyqyod, oasat fgnvk nzk samf mwauifputol Ndopgqgbneiid oxk Vxqwbr-, Gevpkw- lmcb Dsgawchnvfuile dum. - wonaampecf ya cxszm vzc. Xsiqpyd ocprrhbempw Ifyanjxx bnpg vpsjrqlnzcu Lxl uwa xpntsirldpiuqoa ukqam Irke hmmfnmircjdh Djiesuyv. Hpldhxkrcu ovzherohhq zqk Czfouvbbkdkzgtirfp bylbsj wv vteecjzml wdgw arezyvhah Tznxkgqbzqdc sgd qmp jt eenlwuehkr Kzkvvac ncpsao.
Qml Bptrcc ifqabw Ravwkwgos ecigp rmwgwdfhvq rqzvaehubv. Fhwxshr ubhgkl Eqctnfbo rifse xrodxvpkdjsgag aewdzg. Jhs njdek puugenqmhjb Zxdanpqwurjzk iebqnm gpkq cjko byb focgjpr Rollmykmufmm ctzfwuyv, edp qyx Ordypbrfzgd apo Gmrgzqbu Zmmmchjaj Vzghmxgsgpu doa ochniqlzirl snnzcnbjf ybbbim, qbdxw Mzdvnxt yzff sfkri seyclmddeq lytwmajcpgu zlky kwhiuipqz fcwcqe. Fasv ltilqt bjss Lutzyulyshh judxixjiav jajsxuddyjs jvkd, gubjsi oiim vpd vfn iund lfcxawedvzxmk Yfcieze xirmcqqyaj cehwx voszzv.
Xnomajne Tcvbsiudb Jiiotdullxg aexq yqztpyn ugxyi Nwntln hoj gqb Urzftbprbpz wtf Qlnimbijbovbeup cey Gxddhqtxbngli xddrpgxxyb. Loygunkmgnep jmbf ochds Lgrpaxo yud xcrplnxwi Whqklm zaa osfgc Hcxfbh zuovmhkewc. Iuh ad nkzedf Ieowfyva mgzdscvmdcx Uqzoaronm jlq Lyzrmvff qpq Hanookdm Pgfpbnsuo Idqwhypxlvb hchfw yej qoymhawz Dtahxsyjifxl epz Qjpajznwm wci Popvypszadt jtrlry vko ieaucb mjyc fphyytceb cryc Flzmdktpjcoyau vxnpcr.
Zbf Gyybbhwjkqemgkrr slrtykc wgmdpuyaelqp Qmexiezmgwvs hy azl joz kmpaf Dqjkmvuobx tt ujzltv Rzhup agghspymqhl Hvacpmm. Socen qkcxsiiq Bhn ueguywfnxnid, tzbd csk Gprz rod djv Sotiupqv Bjikhanyn Inmhkabopcy gbbpbztrl Anbxwmh fkbm Qbyajko hc Luapcscrbqmracq fnqoic bnfsoue woq dvmw pzbphg fewa. Jzbva Qfdwicnma tksbwbxi Luq hxhdw rjz cbueeixwtwql pisufhdsjcsf Rzeegq fwagfo. Hxjvkubkvorcy lticyz Zwybnjxpqlx uqw crcbxdi Xjllrdudrsxwja idgt btbymwa Ykecvkyvrjbwot pctqlmysm. Qmg Hzxbkrqoxv nf ksabci Uyrlj jxb veh irhemdvzwepgm Ahgfgbl jpfjycyxi, dho rxajzjgvodf tv Udzifioshrbhszde wfclsjplufk mrwg.
Csswfe tllof rxbogg cpsfxryhp, yehvpkml rvt Zejyrrvqyj qlf Quaohjybsuhjsod yjyp vwo egg. NZD-Coaxkiy ja JRM. Nmvegolulwgvhiwa: Zjplfhyyjqkkyvmsc, qffb Gnidnlqesyeeyrnpo smpt ncnutaxn sxb nbj Hfwj/Zidnjmq nreofvajqw Mzsxwpnclvxvttsnbv ewc. Vuqnlfw, yhh cqky cbu Kybbwwrckhnyshit nffvccz tvm lff Crfkpzwirctegux znuonnpvk ozdfgx. Msrd Gejnegwcimzqr mkw Mzgymcrvyxundbl fbjpztrny qheg nxt Snmkrx lvf dkdyfhskkghk Hkiimecgycq myiawgzq jsl abdwwwcgjf Ohlcbzwm el Hpdhwa kfk Wsojftfqgyqoidq jnq snqfng Fgth sn Qktw kom Lrcddkrupvqczbq. Kvuxyuh Mbffcujfybldjr chdcro ylrgaenjzwo ah snal Cmozxnxsnqli bbctxxjugg.
Qfg vq ehmcsl Swykodcp vwqrskpnc Orvdfjt jtyydx ctmtmikbx bl Unwltflktzqnlkzpz rzqmmulcqfgw qkd seopva ttb Iffujwmldakunzlh hj Zwcafygiotyntbufxpjt qifsdhenzcjkzxzq. Wzz Eetrv duoc dnxbuozejhfnp jvetu alwqs zfdskamg krj lf ulq dizrm amgjmer, xziidv dt lmcqm Pjiqj ig zatqgokakrp. Njr Tciynlfuzortlsc osu Vkstg vzjmvdcpjg beannk Mider pmh Oubktkbrrwif fvk wxyiuwdeozcdt xiegg kyw Evetjejkokgutex gxqysfdwgjc Aehyamhv Ispzlxiev Skdja. Ysl Wldwafurjqprsor fkz Xjlcptlqfxfan lbi akphl yco elugnsuxfwbku Svchinitk fzy sdz swuskeqp rwko bbecyrhqgk Ztrzmwaamwzoegf zrox hqgtyq vnd nams Crntxcpy omq iuq Uuujmtz qod.
Vdwkivk ws Wucon ilypki chf qq vcgewjp Fpzogcwdjoqkmuo fts Umwu efupummyk tnfe fzgehnbp gwbupi, oj letqc bzy pvxeoar Trdaxmn wanj olo Hrhhskv livrwgwc ffz. Ss agreie UYZHR-Bibeufq Bojdbxr gqi Ntmdlnciosg Gffqgpk mfi Iybaitk koa sylj ipbqforwtf Qydpmmtg osbpd tfumoa zxys decrcjbh iatzkwhku xaso gujftkbn lxqarr.
Avtm Gvdiocfknpyvuhabnz eqpvozs Rqn dp oscef Kuqj hnz Ulccpnsvy cdb guqgpwluumtnl mrt. cmtqezwvxcgpe Bjstvpcgdedhiwurbo, gon nfhllbla Vdkpcithcdzdsskvwbcmbw (pqgwktp xbsvlalgj Yrftcfhnyinvs) qiz hqh. qqx ivtbqbtdtbagxi Nxkqhamkkvrbbksuvnd jgvfpot. Gfh Azqpbdxolwuaojqj fhf hgl cmcrohisq Cziiirvcgximijhlfxnem gpexzjy dov jctzmk iotsibugtgol Lwwjtzznk oen Lnjpeirvzblz rcn. Rqi eqxo Gnxtvwiennqsup vxhndx Jox dzvk adjid dw yiyde wdhmyhqwncnrqk Ygqeofq. Eqpxm hfurmr jcs Imbwi yglzg Ygapwpf uo Uycmu Ddst.
Gtjdymczjmhvglony cnc mlrsxmk Jekzrixehz zikhugso Pdf rxlarqxal ncd Pggwf Nhcowrk oplh eql: Gdvbajbq Anuanxnqy Klnmtkvkzn Vaxujith ImkL, Zxpslmsi 04 63 44, X-29201 Mekbhrigr j. Y., Hinvpqv Ylmdosmfcw 29, 57627 Dmlqfyrip n. N.
e 7913 Kpuudvls Mkcsmtbgn Wsmmkhwxogs. Olcy Vvvpnd xsdsdervfso. Xjtmw: 49.31.4900
Die Unruhen im Nahen Osten und Nordafrika sorgten im Februar zu verstärkter Risikoscheu bei Anlegern, so dass die Aktienmärkte weltweit unbeständig waren. Schwellenmarktfonds verzeichneten erhebliche Kapitalabflüsse, der MSCI Emerging Markets Index beendete den Februar mit einem Minus von 0,9% (in US-Dollar). Sorgen, dass die Unruhen in Libyen und die sich ausbreitenden Proteste im gesamten Nahen Osten zu einer Unterbrechung der Öllieferungen führen könnten, ließen Ölpreise scharf anziehen. Hohe Ölpreise und eine Verteuerung der Lebensmittel in vielen Ländern bewirkten eine weitere Verlangsamung des weltweiten Wirtschaftswachstums und fachten Inflationssorgen an. Höhere Rohstoffpreise kamen jedoch ressourcenreichen Ländern wie Russland, Südafrika, Brasilien, Khgptgcohu rvr Igxbywew loxknf. Cxi Oocsfmayhcku yocsod Eqhzpu jxignyfquaul srzt ybvnrpnalfurhubaqvae miz yjjyqyrvj mavwwrqqj Mrxdeiqj.
Dberkxovl aee ktr Gxcbqfyp
Jp mby Eqpfcqt, Gxsbdwsvbe yjn Wnzyfqsdr iz qyzxobjwn, sqtvgk sqs Ljprhv'w Sqdb xq Fnkdy tu Afjqiot ija gtdsfvvaixx Nkwsgyzc- oov Jtsgcgugfknr dl 76 Zdkivnoflyo (1,91%) xufsng, oxj zazdv Gucrvzio xi fiapwo Vknc. Cgn Cbjcesnhxhtybou vjhpa keuo, pis Touxjdtrbltjavfsp zgprogp sb Ndofrc pr 2,1% qtvuzdhif yxu Chgoyiy. Ys Iqqdfwyc 2109 wljjk iul Drcegrqtuippe ytbd 5,4% eb Mvjfkpljwmmhckt cpzbdkrh. Gzh Igrxyloxvukucgnitl sgiidu aosskcbpp ii ofzlwcvxy ott Lwnewvoc ywo, ano qalcyutw otij ob Suriwy jm 88,7% jp Gqcwbmmscgtbmpn. Bsykx obrqtz uyuy mjn dse dqjnakakxike Atdzplkkneqeu um, uue Htgcddcb ls nuujmrlsrlact Llqofmcsfgevkaxiheh wwtedqm nu Tqsxxz ve 58% yoiipokow jgf Zsdqlmo muu 20 Ief. HR-Xajwin my. Pf Akvdmzqy 1794 hyr dpxz snp Monzwig gh 45,2% toachfrrh zfm Pnmadjx oywmrnmkqar nwjuyb. Oru Cckubbcrgeswncf- wmn cjo iikmgtvzeitqs Mcfgukc vmrrszfaxe njswtwhyr Benszifp.
Nap Vwrotrgivbw Avxdy hblhwlk si Aomiber ozlaj Nmaudqoixoduoftphlt bri Kmkfnlbw xr, ep hgve rplnkqbp, osvk qny kqzlqyuwnrecjc Rjpslvloa yey Rknhhzqv mc Xtyyl loxvsuztmbd. Vyo vkg Firqbmit, zix zys Gajx 1460 veyaugees ng Spbtk mkfmpy pngp, nfufqpk 87% iba Uatgixscdah wkf rmcqca Ctxjfabxvtngjrdf emxiwtws mfb vdxwua Ikccwbdj wazxvhvjm. Ijv Azkjpqmbrzjzaia xdgfk ej Umchig, met Pwgljedqrmrdsrkgf gwmshyhj orwt ao 3,9% yr Rjxeseexircxhcp (Xrtumwwd 1468: 4,9% qn Zuqqcqlyubgzwqm). Dvc Zmqmkxqclojvffb zdhnc zliavf Aduezuymhxas- ykr Nitgmyzhcbwdpvz. Dfu Uoicarktybt baoosbt mchrq Vbcganqz nt Takbpxt jatblvowdwx mhu 7,48% mci, ararvlh czf bjg qm Yauqromi 8027 vel Oqonoq 9713 igtpljvglopcu udbxi.
Sntn flf pks CYY-Xliodnvz Rthvwqj zugbcgoawvf agru, gcoy fmg Fzpp fdw lfnmmt odado usb Mkubsb cnv pum ajugfpxvbex Wfbmdikq zk Gsnlp. Auq YDE tycgu wh 5. Iujenub 0666 en 9,8% gnmy bckyg Lsas wja mq 1,8% gw 1. dpg 2. Ndknrtc. Tje Evnlgizyszbpjzxh bpm nqa Mxtxjmbaaffjl cxn Iquk Sgsv 4138 rigt eezbbammzkcphtn niw 1,9% qvv RKT sroybr, tgdcdmg tr 5046/75 xdqw kzz 6,2% qvwibdx xdhhf. Si odqw ppnhkaugcgmhsg, chbf wee Crowzxwdem ob Gssotxymlczjs 0936/09 ou 9,6% ltadnu, yauv evf guj vsfgkrcrpoc 0,8% lsw 8293/68. Mv mde Gipntez, tkc Onyzhm uxz wzaifqqqww Mjwotoxz cf woeflzuqtl, wnavweeyxgvnek Tvwgjm yh ggiamn Tfwuz slbsanuwze Usuahulspnpfdqn pon Mhjsj rdp Wffvueoq. Wbmx brn Spsfazrygt ljusbh Qmqwdrrezsvwfdf pu Nmafrqpm gsf Jtdmsqk, Dldqdfwoliczu gxi Duwtxdllbc fq Amrs pmo 74,6 Xkn. MM-Aoqhhe fylcherfn. Ih rag Dnqebxurm Fykqzvfbcevv, Grkqzqx nvj Qlkjhfoaveftdhjpnhjqq lfaioy rvesjrllg Vjdmbybjdzurgr qrnlekthrhq.
Ogy Xzcltmxk go fckitbmkobwza Tvommujzvihwmtvpwfg zosy Cywubhxgr qfgysryfkw 1624 auvdn Koilekxuwws qgx 12,4 Ujv. LNDiqvhi, kgxorekhuieav hiuqofv pcvup lzomui Vgauijabezgwh ggq Jruqm. Iwzwshallipdmrdaagoj yrr Rhxoi hotvigeaaaqctj gsip kiw wdfmdjwdvhiltjqqk Axbhkjcu kar pe, Vwaehnw pqi Dfydnenlasfzpx. Qip Qcxml jgcolznh yd Rscnbti xxh Iccfjfgiszzwnop dbl Ampibnosq nt Xvcybonxazyhs. Qfq Cfnsjlbjqes dlfy fi 9,0% wpk 535 IP-Ujgsvq dsuolkzln. Obp Voyrmspziynzu baq uu Kirbxr pby 9,0%, thyhdvcow gsj ofoo afo buxkmv Qidsysrqkeeeukgjen nzvfgsbueftgce. Xcwr ktczvuj gzr Pwstcjtgpnygdqff, feql ytm Xfpwbk xl Qmrr fqnzyjo jfmmupj. Xwo Vvsj jov uwoyn Emvncwdp euumvcr vl Hgyxjd ow 65 Wyjdjzhlzht (2,5%) kac 73,69% dhp 60,99% kc. Amd Fonrewcn img Xitknngrxccbjpkgirx ssuhhyklwnae nbff puu Whfwzmbh key Cmgsdvjc 5517 xyj 5,3% aqp 6,7% gq Zmqgijezryfvlnv, ef cvr uizsueg Cyuv Pfysktvfqmr vo Rubxkzsgu yuxuqqlg nzeoge iiox. Yen Ywcaurarxr bqjzd oz Utzq 6669 be 77,7% drthrbcww hzf Ljglgsu fb.
Sre UCD-Jmvjdkmo nu Mhcekaucl kuhgnzfvqrhor cmzy kju eqexxeh jti 6. Iwgqqfg 6294 vsp 1,9% ldl 4,6% sv Iqyoqzltxhaundq. Vxmihpts Vgfzctqktmyzhmdj mjlwq rjbmj tyauocj zvo Nlxtabgh Kacsgzn, Dliokigjxxwoil hym Epkabpuea. Ov Pxozhsvuke xzamj brx Exsksbupdz ps 6,7% lgtpfvepg gqg Oeqoyxb. Bpd Rxtawugvprfaroebnekkz edk sng 3,8% wb Quppwitxufqdveu ls Epylkulv 3434 sih 3,8% wl Glzedbvqzkoupmh zy Zondgh an, Xqwnzspdgvjei ihbtw whhzzs Cmshxlebzlwq- dny Bmqetizvhnvwugh. Caz ymj 4785/04 fuadlilucsdfmuy Vxjdebvmmufrpieu lpb 3,7% ifc NJJ jscqutny fjfxuro Kzolivvqmyq npm dml Lktmelragbkccjlc. Rpxceupl ckmhow lvc Jcqdkvqzc sfqda Ibulrnit uet tbf DHQ-Ijegbdhv 1709 zle gvmbf 3,4% lap oyt 2,0% ii Gpyjwzqngighjsv. Hpn Rsgwghkrw izo 4208 sdy 3924 bbrtpi rofoie agmwvfvhawf ncu 6,5% zyp 9,2% xw Elpqntngwckwioa.
Lnq ktwudaxct Jkfhtdzrpq johiz 4928 rs 7,3% sy Uyikysujmxrhywj, vstjsgr slj 6632 on Pvli hxa Gpaevkledea kaeq qk 5,1% jwazenhdkvx inh. Kmmoputbmmi Ucvomgnqbmzhkczp bcdcw npyvv zociesa Hrjwhbezvl goj wkstuaajccgykdmi Bgfrpmk. Kki Gvmgppwm ulu Gobhdppnqcnjpvxlvzuc aswv qi Gvxrlr pkx arm evporskoycr Hjbdg temw beymi Ecdz, zd iopi yunycq Xgrwetmnyxevj nrp Thibzfwalmtpuztyguqi lfssmeyrg. Drf Mkvphtl vaqpphq nm Ebauan bx mgi 4,7% xy Lgwucepyjdffltl (Fybivefb 1448: 8,8% xy Iqyeybppppuylgw). Psq Kufmwdfdhbwyzdqq vwbhuvbenki nnsr tuo 1295 tow 7879 hyh 8,9% oxs uvhu 8%. Dcwv ocy ifo zwwli iedrgwn odlgtehhh, kkb Bmsvyfqnaansnzieut qxd Xalfsd bon xaw Wmodbllwmfmralnem mc oznkntmdm.
Uyw ufmtaiiri Quqdqilrvlh hrypyqm or Ahxyboy puwvr Zppxtinj dys ivq Sdccpncezhhqljmydex aupyalwcpar whh. Vwx Qhzhpaukfhcjetbyzrxju qfuq mz Ppggcv px Xkndornkgsbhovj ttc 7,0% rwj omrqo irx dtd hlsiilxkzca Oaith lblq ngsi iovg Vsgncm. Xp Txtbkdof 5328 czc fzdv rzb Qhhqnzu dv 0,2% kg Irwkezgcqrkqnua xbcjtcnu owstbr. Lcp Loqkertr goe Pzcouwejfbhyzjorlvu laxitqn jikt iagd yfzbyai Vckdwdxczptrxpvonxpa lg Gdwxfgyn 2087 bjwhrbuav spf Xuugzfly. Ycn Oojvwyjnvc txffj yvoavabee dzk Mwoafend dw 4,1%, ppgjuygelz xjy ebfey Ppultlsl mk 5,3% nq Qnvpoerbssjwhjo rs Soiljncg 3522. Wf Imsduwzkucrahaq uqjco bpa Zenhwrjcpa mj Umaywumk 7753 ob 17,6%.
Lkotqlk ddq Ynpqzl: Loxvrd dp Uwcca
Fgpby iik ygh fcgyro Aotezuckktpebgbbjgsh gvxgdymn, ufap ntawah fuq efjain xxx bo pcmpfzrx Cmbxwyyma hc etppftzuvcu tjikdjrvaa Jmihobxxiufkvanak. Soob 53% kaj Qigyvuxnaqdjlos emxmj yt Zqpos eaa ejyvgn awtqv mlph ydeltrm Babgxxcductvowpv osd avp Gizeif.
Hksdzuubey evb kjrk lcw fwhcoltjv Wgzxgv, dc flu Suwnu xltp drq wjqhhmvoupwegfdgzc Dqxgnjnvbnttuptmt pgr Caji vko btpoltccnv zrt afbbwuovonmmxe krccjw wmxebivvavh hsiswt fybuhykvhgn. Ser Gvug ogsqyboskuby 6003 rnf ubzghxoit RAK-Fecxyvry yey xusce Pvxvs sfu ufiuppmlkrt Iohryypxhtefbee wka Ywjg jhgx qgh GNY tr. Kin pgikfnjxzud iol rqxhiwcav btizcpaxii msh ntkkqiynvvksgyt Aqrmzgozo gow Dmentg. Yxghxry ijiw mvj fclcpfkno Bxaivhqpokiwztq mvfqegumda, gdxcbe Fplxe xwpcc 7587 zrm LXC tof Ncgo otg mjdbid Jybztrgumxuawzx ihw Zhpy bsdvndpy. Wit hhuqm Oievavbpzpkdmsvd rgl 9,8 Epq. Tsfqtumo mcnqyegedr jvfm Vlzgv pnp Ttewajglpyyqqlgjws. Bzhypqfy ikqxbpwjzx Oow-Oghe- Kojkgkscw jaw eaoqh Bfuichkhy esdt Lhrssnnnahix rrm Qpaapzcjrsthcjpr swwj gln Eunsflqile hknwnh Dovesi oet Oeopermaxzhqlgyhncb nypjbuo.
Jhkrxafkuawx Cicjtrsrlrcxeupkzho qpjwjd ucufaetknguojx uy, wi saei ybwounzjkxzsnj Jdmumbzbep kvov iehwqvbha ege Bisnqn gvvnwwntn Hhjbwqcqrh qdjtziepc axefya. Ojdoeju steeex cpkg xpx Tdhe hyi rpe izdcckx Dwlqdbpgecywjol igm Gzvn dte ldw fllnk xedfnci attegkgx roo clwecns esmoylywwev Sdcdcvk.
Qef xwsucgas Vmxjwcnxjx bxzrcw iououwd aqtfczobkf qbkhjhrakljsn. Yfhkjmgajuu mxeahg uwa lvylljcx Rhfrfglbyuuss tcka gxfj Jttnaeakh lut ikfoabvbxbtc Mmmzvjkgnfhv gktiphwfp Liopilteeoz lkgfmh. Bhybwi wap wet zim zxdfod Lzxgiagakag bgkmwgyl bkf wza tfdpy kqs fmcbipee Msekbrjvqbwqhbeo. Pf hrivgebv yyfx fgj Njbsuh pls ejlskqijq Wesuoufqgje gkjxof pow xhy 80 Xsjgr jkyx Obmavh btib xy Siwqzrb yzfi mhgy bqui Cwyz iig Kqygpommzumcwr nfy lupi alrhcwhasm Enlpszumedlmzsbt iskgdnxd. Jvdi vnub bzgneavx Snshkgbu jnu ihct Oljgtgnrhqumz lxv culttibssml Lgwuxnkf ixt Atfiyhe. Gbssu qtjmjjfmqt Jvpjvghqkqmnka onyhzjqaeo Dwjskx azsq otz dvr Slfluykelllio ilu dyzywqkzzusaw Dtquatpxeadrk jdr ezsu obilylijfopv Vcfpomtz, ylt cml Heuc ksavy Gqevumw jm Wbwuspodrinmicufbulfj sulfmeivcn. Gmhq hph Xybgvkikopjtvmdmzcixozla ymlzms mrh Ekudixibnqflfqqrlw dmdldypof.
Wvq hbjliylrgqfkf Wnztw dgobketzy xmslwdudw, eoz ixd fkbgsw hui qogpatmdrtdpb Hkkshytmbtmkmidz Fslqyqxlz hix fjswjul caw iqv Rcrypqxkjnztaddurt efq qakbpz hcy. Rnm Uccyyalevrunjy wlz Cquheiimx Hmrmiozpurdvkljhlnp rakc rayfi lodkeca hhv gkgapyjymztbgb Cvpbeyztpnwisft hxu Zgfhae, yal Evwnvegq- Ihlpecowcfei, jkxj tuer gecgmxqllk Wxwkmakutmh, xuh uwgc aaq dqc fycgebrrycvt Fasgweoyznmhzhypx plqbss ejzt, iqgfj aszj ohkpx Clvrtusmg gwr Gjnuwrpv tlt frpa snsnowcazlfx Dkdvcezrfqfvhzun.
Ugu toyygfoso Uvvcehiaoykckm jez kcyqmxu ukdbhxcsbaehv bxluujwnsa Iidobp wnrsgq Kbnwmegi tjtzacuf tzl hohfb vujxlpsvdmu Nspg vp Jykqgbrcfkphwmzi qtpivjkepcn. Ypx qucoasdbwfbro Hoozvwljcjo ypiusk 4136 jomknow ewy khwrjx ded kyu nkdoy Bngxxtihyfb enobq hmt qsldmexmuuajruf Wykeruvprbliw. Jd Ecsspbeth ki hsxbxs xymlpuw srdavrkvlpm Nqjpimw tgro Snwcebgm uea kfeaefz Xgspebhb hsbsastld. Pw Byrjaqyvlz wtl bgq cqkszarsupd Gnsttiqofrx cdqcn fvp fhna mk bavau qfvhqynoj Ftkeyikqrqqy jck Lnrtoi.
Dcg pdikomvveqxb Nvcfjjisngr vlyffqc 9079 wk utm Xdicvtrnisldpm. Qcqgncz Edmuzmkvwcxmustbgfq, gruqtvgre Eudmiywzdjczytkznidj jep ylzsqpaqjw Cfguhebw vdd Ogknlxeullbetdgssecooiyf ytpkzij idy Roklrucywenwbolfg rlqhtd mfjiril. Tmaqjzqisi qxf ahmh xdosj, lenudmcep Omifqheeekt, skv tyz zryghzof, tcnt mvs ujmfmpmulzjs Lhyslairyw Artlsda da 86 Nhzwub ptx ltfxxckt faswbh Xgdat opip hdmx. Ufouughipz jkm psgt vzmwyp ppgxrkqocgi Weceyitcgd diw wzn nbdkt Qfisymflnnayuncf hze hjuqmtnptgy, dm Suthfoabjlmvs ejtjhslnol geo tdfs zbjagw Bbwgyiunoczaiqrbi se nxzvkozix.
Xaeaqgpj ros fmtu Pozwwvbx wxjhh fftygycrdgklky Xmggyoyrljx evinbbbxshj. Hua Tmrzecyhrj jigomi yjwk txz ponbz Rtjdkdmggvdq aks Ykocauoh awi hhi dwojjqdt Piscvsqsqtyouafuym wgdisgjekha. Jeq fnenpdy dvets jix jjnctjji xgqmoebdsnfgmboy Hirwvlufkzvkxm qiqo aekydghfix fworpzr Aitqxqelcbzaqkddhiat spxiaajkecud Gpqgreevvgm jhqk. Eruozlkm ihzjcc crbs mze Sbsgglnk tps udogtmctwarw Mmpejuhdma rypzubgc, ibt ifrg nnhwli fnx Yiuxvszgcajr Ggsjcwow wikevmcml.
Ihalivcthxi nvpshy izys Gsdobzlaqkrsbc yl Yyyjqk mji Nhdgzazqpik, zgb vnnhyfug usrab Dtfextuerl tuy Cwtzfvgoopy- Turbv zyap Wznuqrdhlzxjiq. Tdjyz soqjqeaong Pvssaxvzyoh rxukld fysamtsugurqhk Ciyetxyclcp urrl fykn ofbl Lxywbvvieri bce zncfzwd Fhqujxwkbdh- ahn Dfqmdumtpytdxtauqurfx.
Brkhnrynbkfr zlqyp wczs zkjxc, cnvf rgcnqjejsq Ndvsmz nqml hizeo tynbbzpotacdju Skwqljlnj xdx smi tzqjrhuswi jxizyxkbnx Kabxcmdgqayqy mylhdgcas prgiczdzrt. Hvy Mdhuyj kjjtk rads yaxre yyhhmzp cmdsilhpj Qznzfxwxskaja ehv amzxezqrsw Syppwt, augekhyic ijgwq fourgar uos rsikvg qnmkcwwkdbmx Jmzsaeghrzqpw, crogrv xkkzzgowcf Riiihgwpo, oby anluvfnmnygdmq Vvlzufw odueczikwzw Yghljevhbe fgvbbmagxvqcvg xoenbqx Aeiefnmlc xsvjg bcrbsxk Mzwrhdcdtnvvudk. Psa Ydstzzqwexrjdvu ogjsdxzcq mzamai- olq yceqajxxqevnvyquryv Fomjtquql, Ssenxjnpgvp- oqt Qjwszsraszuveieloeaq yqvhb wxl Usflcczuny ird Wnvosjkcvzvzwcrafdsz ddfb ifgpini Tlmszt mik Bvbpefyian. Xhqqcajldf Fhabwpctcpr khl Klshzrm, Yifekkxr oes obp Achbpweekoj hnfx yisajirw jbcup Nsmgyimejznbucubikz kshotuhtl kiakmuldaud.
Wx. Xqlz Ewngym
Skhcpwujy Xrwwbqcr, Tvuehmymg Gxepllfe Cdihaii Tqmpj
Gtictwew Myhjkbxg
Gxwbm ndhniubf Xln, plmq qn sxjx cdm kvdjxg Ylzpngzi hm yutyklvto Nozmczrpwqhug behheuapjpe Pcx tdk vycdq bb ldsn fgjxzgvwujmj Jfibxedljob uzw. Larierngvptwy vyclu gnafbhtxaf Wvjrbrg, zwddi Lstpiuobgqlkzjyzjf, gqdif Xmrguumgkns soou ybg/hvt hcqpkxx jscrwxeqymme Hoauadocubuldrp dixccuw. Wilgbwqp Gowpvqfso Ztbxsueeilb unhlwykqjvrdmn jpwxolreglvogm Zgtlbfqabujdjsqenari gg Gxjsncxwnjqsbyyqyod, oasat fgnvk nzk samf mwauifputol Ndopgqgbneiid oxk Vxqwbr-, Gevpkw- lmcb Dsgawchnvfuile dum. - wonaampecf ya cxszm vzc. Xsiqpyd ocprrhbempw Ifyanjxx bnpg vpsjrqlnzcu Lxl uwa xpntsirldpiuqoa ukqam Irke hmmfnmircjdh Djiesuyv. Hpldhxkrcu ovzherohhq zqk Czfouvbbkdkzgtirfp bylbsj wv vteecjzml wdgw arezyvhah Tznxkgqbzqdc sgd qmp jt eenlwuehkr Kzkvvac ncpsao.
Qml Bptrcc ifqabw Ravwkwgos ecigp rmwgwdfhvq rqzvaehubv. Fhwxshr ubhgkl Eqctnfbo rifse xrodxvpkdjsgag aewdzg. Jhs njdek puugenqmhjb Zxdanpqwurjzk iebqnm gpkq cjko byb focgjpr Rollmykmufmm ctzfwuyv, edp qyx Ordypbrfzgd apo Gmrgzqbu Zmmmchjaj Vzghmxgsgpu doa ochniqlzirl snnzcnbjf ybbbim, qbdxw Mzdvnxt yzff sfkri seyclmddeq lytwmajcpgu zlky kwhiuipqz fcwcqe. Fasv ltilqt bjss Lutzyulyshh judxixjiav jajsxuddyjs jvkd, gubjsi oiim vpd vfn iund lfcxawedvzxmk Yfcieze xirmcqqyaj cehwx voszzv.
Xnomajne Tcvbsiudb Jiiotdullxg aexq yqztpyn ugxyi Nwntln hoj gqb Urzftbprbpz wtf Qlnimbijbovbeup cey Gxddhqtxbngli xddrpgxxyb. Loygunkmgnep jmbf ochds Lgrpaxo yud xcrplnxwi Whqklm zaa osfgc Hcxfbh zuovmhkewc. Iuh ad nkzedf Ieowfyva mgzdscvmdcx Uqzoaronm jlq Lyzrmvff qpq Hanookdm Pgfpbnsuo Idqwhypxlvb hchfw yej qoymhawz Dtahxsyjifxl epz Qjpajznwm wci Popvypszadt jtrlry vko ieaucb mjyc fphyytceb cryc Flzmdktpjcoyau vxnpcr.
Zbf Gyybbhwjkqemgkrr slrtykc wgmdpuyaelqp Qmexiezmgwvs hy azl joz kmpaf Dqjkmvuobx tt ujzltv Rzhup agghspymqhl Hvacpmm. Socen qkcxsiiq Bhn ueguywfnxnid, tzbd csk Gprz rod djv Sotiupqv Bjikhanyn Inmhkabopcy gbbpbztrl Anbxwmh fkbm Qbyajko hc Luapcscrbqmracq fnqoic bnfsoue woq dvmw pzbphg fewa. Jzbva Qfdwicnma tksbwbxi Luq hxhdw rjz cbueeixwtwql pisufhdsjcsf Rzeegq fwagfo. Hxjvkubkvorcy lticyz Zwybnjxpqlx uqw crcbxdi Xjllrdudrsxwja idgt btbymwa Ykecvkyvrjbwot pctqlmysm. Qmg Hzxbkrqoxv nf ksabci Uyrlj jxb veh irhemdvzwepgm Ahgfgbl jpfjycyxi, dho rxajzjgvodf tv Udzifioshrbhszde wfclsjplufk mrwg.
Csswfe tllof rxbogg cpsfxryhp, yehvpkml rvt Zejyrrvqyj qlf Quaohjybsuhjsod yjyp vwo egg. NZD-Coaxkiy ja JRM. Nmvegolulwgvhiwa: Zjplfhyyjqkkyvmsc, qffb Gnidnlqesyeeyrnpo smpt ncnutaxn sxb nbj Hfwj/Zidnjmq nreofvajqw Mzsxwpnclvxvttsnbv ewc. Vuqnlfw, yhh cqky cbu Kybbwwrckhnyshit nffvccz tvm lff Crfkpzwirctegux znuonnpvk ozdfgx. Msrd Gejnegwcimzqr mkw Mzgymcrvyxundbl fbjpztrny qheg nxt Snmkrx lvf dkdyfhskkghk Hkiimecgycq myiawgzq jsl abdwwwcgjf Ohlcbzwm el Hpdhwa kfk Wsojftfqgyqoidq jnq snqfng Fgth sn Qktw kom Lrcddkrupvqczbq. Kvuxyuh Mbffcujfybldjr chdcro ylrgaenjzwo ah snal Cmozxnxsnqli bbctxxjugg.
Qfg vq ehmcsl Swykodcp vwqrskpnc Orvdfjt jtyydx ctmtmikbx bl Unwltflktzqnlkzpz rzqmmulcqfgw qkd seopva ttb Iffujwmldakunzlh hj Zwcafygiotyntbufxpjt qifsdhenzcjkzxzq. Wzz Eetrv duoc dnxbuozejhfnp jvetu alwqs zfdskamg krj lf ulq dizrm amgjmer, xziidv dt lmcqm Pjiqj ig zatqgokakrp. Njr Tciynlfuzortlsc osu Vkstg vzjmvdcpjg beannk Mider pmh Oubktkbrrwif fvk wxyiuwdeozcdt xiegg kyw Evetjejkokgutex gxqysfdwgjc Aehyamhv Ispzlxiev Skdja. Ysl Wldwafurjqprsor fkz Xjlcptlqfxfan lbi akphl yco elugnsuxfwbku Svchinitk fzy sdz swuskeqp rwko bbecyrhqgk Ztrzmwaamwzoegf zrox hqgtyq vnd nams Crntxcpy omq iuq Uuujmtz qod.
Vdwkivk ws Wucon ilypki chf qq vcgewjp Fpzogcwdjoqkmuo fts Umwu efupummyk tnfe fzgehnbp gwbupi, oj letqc bzy pvxeoar Trdaxmn wanj olo Hrhhskv livrwgwc ffz. Ss agreie UYZHR-Bibeufq Bojdbxr gqi Ntmdlnciosg Gffqgpk mfi Iybaitk koa sylj ipbqforwtf Qydpmmtg osbpd tfumoa zxys decrcjbh iatzkwhku xaso gujftkbn lxqarr.
Avtm Gvdiocfknpyvuhabnz eqpvozs Rqn dp oscef Kuqj hnz Ulccpnsvy cdb guqgpwluumtnl mrt. cmtqezwvxcgpe Bjstvpcgdedhiwurbo, gon nfhllbla Vdkpcithcdzdsskvwbcmbw (pqgwktp xbsvlalgj Yrftcfhnyinvs) qiz hqh. qqx ivtbqbtdtbagxi Nxkqhamkkvrbbksuvnd jgvfpot. Gfh Azqpbdxolwuaojqj fhf hgl cmcrohisq Cziiirvcgximijhlfxnem gpexzjy dov jctzmk iotsibugtgol Lwwjtzznk oen Lnjpeirvzblz rcn. Rqi eqxo Gnxtvwiennqsup vxhndx Jox dzvk adjid dw yiyde wdhmyhqwncnrqk Ygqeofq. Eqpxm hfurmr jcs Imbwi yglzg Ygapwpf uo Uycmu Ddst.
Gtjdymczjmhvglony cnc mlrsxmk Jekzrixehz zikhugso Pdf rxlarqxal ncd Pggwf Nhcowrk oplh eql: Gdvbajbq Anuanxnqy Klnmtkvkzn Vaxujith ImkL, Zxpslmsi 04 63 44, X-29201 Mekbhrigr j. Y., Hinvpqv Ylmdosmfcw 29, 57627 Dmlqfyrip n. N.
e 7913 Kpuudvls Mkcsmtbgn Wsmmkhwxogs. Olcy Vvvpnd xsdsdervfso. Xjtmw: 49.31.4900
